Merck's Big Bet on Research
By Its Scientists Comes Up Short

As 4 of 11 Drugs in Pipeline Fail,
Some Investors Clamor
For Merger or New Strategy

By

Peter Landers and

Joann S. Lublin Staff Reporters of The Wall Street Journal

Updated Nov. 28, 2003 12:01 a.m. ET

For years, as the drug industry was transformed by a wave of new hardball tactics, Merck & Co. stayed above the fray. Other companies rushed together in megamergers. Merck remained proudly independent. The others spent millions aggressively marketing new products that were only marginally different from old ones. Merck emphasized one-of-a-kind drugs. And while other companies stuffed their product lines with drugs they licensed from smaller companies, Merck insisted it could find plenty of medicines on its own.